BlackRock Saudi Arabia and the Public Investment Fund (PIF) have signed a memorandum of understanding to establish a multi-asset investment platform based in Riyadh. The agreement includes an initial investment mandate of up to $5 billion from PIF, contingent on achieving agreed milestones between the parties.
The proposed platform, BlackRock Riyadh Investment Management (BRIM), will encompass investment strategies across various asset classes and be managed by a Riyadh-based portfolio management team, supported by BlackRock’s global asset management platform. Larry Fink, CEO of BlackRock, expressed excitement about the collaboration, highlighting the opportunity to contribute to Saudi Arabia’s growing capital markets and diversification under Vision 2030. Yazeed Al-Humied, PIF’s deputy governor and head of MENA investments, emphasized the importance of the partnership in enhancing Saudi Arabia’s investment and asset management market. The memorandum is non-binding and subject to necessary conditions and regulatory approvals.